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# Bank of Canada Governing Council Loses Two Key Deputy Governors
- URL: https://www.theglobalbanker.com/bank-of-canada-governing-council-loses-two-key-deputy-governors/
- Published: 2026-03-24T18:31:45.000Z
- Updated: 2026-10-12T00:28:37.000Z
- Description: The Bank of Canada will lose Deputy Governors Rhys Mendes and Sharon Kozicki from its rate-setting council, with Mendes departing April 10 for Toronto and Kozicki retiring July 15. The bank will undertake an internal recruitment process to fill the vacancies.
- Author: TGB Editorial Team
- Tags: Executive Moves, Americas

The Bank of Canada’s seven-member Governing Council, responsible for setting monetary policy, will lose two deputy governors. Rhys Mendes will leave on April 10 to relocate to Toronto with his family, while Sharon Kozicki plans to retire on July 15.

The central bank announced the departures on March 23\. Mendes, appointed deputy governor in 2023, oversaw the Bank’s analysis of international economic developments and served as its G7 and G20 Deputy. Kozicki, who joined the Bank in 2006 and was appointed deputy governor in 2021, oversaw the analysis of domestic economic developments after a career at the Bank and in the US Federal Reserve System.

#### POLICY BACKDROP

Governor Tiff Macklem’s council held the policy rate at 2.25% on March 18, a level it has kept since October 2025\. The other members of the council are Macklem, Senior Deputy Governor Carolyn Rogers, Deputy Governors Toni Gravelle and Nicolas Vincent, and External Deputy Governor Michelle Alexopoulos.

“The Bank will undertake an internal recruitment process to fill these positions,” the central bank stated in its official release.

Macklem said the Bank “has greatly benefited from Rhys’s leadership and expertise on the global stage”, and thanked Kozicki “for her exceptional service and unwavering commitment to rigorous policymaking that brings research, analysis and policy together.”

#### COUNCIL STRUCTURE

The Governing Council takes its decisions by consensus. At the end of 2024 the Bank expanded the council to seven members, including two external deputy governors.

#### RECRUITMENT

Deputy governors are appointed by the Bank’s Board of Directors.